The world is all abuzz with the good feelings radiating from the aftermath of the Trump victory. However, no matter how long the U.S. equity market rallies, be certain that Trump is not draining the swamp of Washington, D.C. He is proving to be a caretaker. Today’s pick of Elaine Chao for Transportation Secretary is just more of the same. Ms. Chao is certainly qualified. After all, she has an MBA from Harvard, but being a past member of the Bush Cabinet means we are using old, worn-out tires. The Transportation Secretary will be overseer of many of the INFRASTRUCTURE PROJECTS the Donald has promised to deliver. The pork barrel these projects will be dipped in will be beyond lucrative and the wife of Mitch McConnell ought not to have been given this role.
Posts Tagged ‘BTPs’
The markets are playing with ECB President Mario Draghi. Just a few short weeks ago the suave performer of the ECB press conference only had to be concerned about being doused with paper confetti from an anarchist demonstrator decrying the dictatorial powers of the central bank. Post-ECB meeting, the BUNDS, OATS and BTPs made all-time highs in the futures and yields on German and French 10-year notes touched extreme lows. As the ECB paraded the success of QE the EURO currency was also trading at multi-year lows, 1.06 euros to the U.S. dollar.
Notes From Underground: A Response To The Berkshire Boys (Putting Contemporary Civilization Into The Barbarous Relic)May 7, 2012
Quick Hitter: The financial markets steadied themselves today after the initial “shock” of yesterday’s European elections. The EUROPEAN DEBT MARKETS showed resolve as both the BTPs and OAT futures performed better than the BUNDS and the EURO rallied back to almost unchanged as the market awaits the discussions between Merkel and Hollande, as well as further word about attempts to create a working government in Greece. At the end of the day, a crisis was averted but as all our readers know Spain, Portugal, Ireland and Italy are all still on the boil. So, while the heat was turned down NOTHING HAS REALLY CHANGED … so it goes.